Michael Mezzatesta’s Post

What thresholds should we use to define our goals around economic growth? It seems after we pass a certain stage of economic development more growth doesn't necessarily equate to better standards of living. If you have a minute, check out this quick bite by Michael Mezzatesta questioning current economic narrative on the benefits of growth. Seems he will have more great stuff in the pipeline if you're looking for interesting folks to follow who are rethinking economics.

Why does wellbeing decline after the nation reaches $20,000 per capita? Well-being economy is an interesting concept. It could provide answers to the conflicting interests of nature&human well-being and economic growth. We are trying to solve the same problem from a different perspective in Industrial Engineering and Management at the Turun yliopisto - University of Turku. We try to co-create business strategies with companies in #ddsm project funded by Business Finland and identify how to implement sustainable strategies through management activities. Let's join the movement for a more sustainable life! Please check this short video💚 #ddsm #uniturku #turuntuta #industrialmanagement #management #sustainability #practice #growth #resources #wellbeingeconomy #corporategovernance #responsiblemanagement #wellbeing #nature #resourcescarcity #implementation #strategy #sustainabilitystrategy #postgrowth #circulareconomy #sustainablelife #systemicview

Check out this flaw in a fundamental assumption of modern capitalism

This is a great example of how so much of what we think of as settled fact is in fact just assumptions that aren't supported by data. So much of "common wisdom" or "how the world works" is really just mental constructs built on metaphorical sand and flawed assumptions. Learn more about how design can actually work with the laws of nature and how we can build an economy that actually works in our Minneapolis College of Art and Design all-online Master of Arts in Sustainable Design program. In your undergrad creative program, you learned how to get designs out of your head and onto paper, but you likely didn't really learn how to design for the world we want or the world we live in. https://lnkd.in/eDtFj22A #sustainability #design #sustainabledesign

Important point: economic growth does only initially improve the well-being of people and societies. The nexus between growth and well-being only applies to early stage growth. Afterwards there are no or only very limited benefits for a society to stick to the growth dogma. Moreover our only chance to preserve a livable planet is to restrict the meaningless shareholder and rentseeker growth of consumerist capitalism.

🌍📈 The Age of the Longevity Economy - what is the hype? We often think about the US, Japan and Europe when talking about Longevity and Longevity Economy. Time rethink! As the graph pictures China and India will have the largest 50+ growth consumer class growth in coming years. But why the hype? Demographic Shift: Individuals aged 50+ are becoming a key force, outnumbering children under 15 globally. This marks a significant societal transformation. Economic Impact: Contributing $45 trillion to global GDP in 2020, their spending power is undeniable. In 2024, they account for 42% of total spending worldwide. Growth & Opportunity: Nearly half of the consumer growth will orginate from those 50+, especially the senior market (65+), expected to see the highest spending increase. Future Predictions: The 65+ age group, particularly in developing countries, will lead in spending growth, with a predicted annual increase of 6 to 6.5% over the next decade. #LongevityEconomy #MarketTrends #AgingSociety #BusinessInnovation

Alarming new “Spending Patterns”…social & economic impacts ? Talked earlier about signs of de-growth being noticed in some Western countries and attributed to the new generation’s spending culture, mainly GenZs, due to changing behavior, thoughts and principles, impacting this generation’s behavior, resulting in cautious spending, resistance to the provocative media adverts & propaganda beside objecting to abuse of technology by big firms, to create “false needs”, hence selling more. This generation is minding his expenditure i.e. buy only what they need, resorting to public transport vs buying cars, cautious when buying and using modern technology, trying to minimize their time on it, plus very he is much environment-aware. This is raising concerns of Western economists and big firms, as this may affect both, business and overall economy, trying to understand them and address their behavior & attitude, as it started showing impact on economic growth in some Western countries. The other spending culture, which popped up in past few years, noticed more in people in their 40’s, caused by high living costs, inflation etc., is called “doom spending”, which is simply spending impulsively and reactively, compensating for not being able to save and spend on more important, genuine and needed things, like buying a property, buy a car, go to university etc. Some people, resort to doom spending, when economic situations are tough and stressful, hence doom spending is considered a scape goat & reactive compensation, as these people resort to impulsive spending, in an attempt to forget about their financial sufferings and failure to achieve the bigger & more important things in life. Above spending patterns point to a new direction of consumerism culture, one conservative and prevalent in younger generations, while the other is reactive and unnecessarily spending. How these two are going to shape our societies and economies, no one knows. #doomspending#GenZ#degrowth#Economy ©️copyright-issamwadi2024

🌏📊 Navigating the Waves of Change: The Impact of Global Demographic Shifts on Economic Power 📊🌏 As the world undergoes significant demographic transformations, the contours of economic power and business landscapes are shifting. Aging populations in developed nations pose both challenges and opportunities for healthcare, pension systems, and labor markets. Simultaneously, the youth bulges in developing countries present a potent force for economic growth and innovation, yet they also require massive investments in education and job creation. 👵🏼 Aging Populations In countries like Japan, Italy, and Germany, the rise in the senior population demands innovative solutions in healthcare, fintech, and AI-driven services, opening new avenues for businesses adept at catering to this demographic. 👶🏽 Youthful Vigor Meanwhile, nations such as India, Nigeria, and Brazil are experiencing a surge in their youthful populations. This demographic dividend offers a window of opportunity for economies to accelerate growth, provided there is adequate investment in empowering the youth through education, technology, and entrepreneurship. 💡 The Call to Action for Businesses Understanding and adapting to these demographic shifts is crucial. Companies must pivot their strategies to meet the changing needs, whether it's by innovating in products and services for the elderly or harnessing the potential of youthful markets through digital platforms and sustainable development initiatives. Let's discuss how businesses can navigate and capitalize on these demographic changes to foster sustainable growth and build resilient economies. 👥 Join the Conversation - Share your insights on leveraging demographic shifts for economic and business innovation. 🔄 #DemographicShift #EconomicPower #BusinessOpportunity #SustainableGrowth #Innovation

😀𝗜𝘀 𝗬𝗼𝘂𝗿 𝗖𝗼𝘂𝗻𝘁𝗿𝘆 𝗛𝗮𝗽𝗽𝘆? 𝗧𝗵𝗲 W𝗼𝗿𝗹𝗱 𝗛𝗮𝗽𝗽𝗶𝗻𝗲𝘀𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 𝗥𝗮𝗻𝗸𝘀 𝗟𝗶𝗳𝗲 𝗦𝗮𝘁𝗶𝘀𝗳𝗮𝗰𝘁𝗶𝗼𝗻⁣ ⁣ For over half a century, people have questioned the limitations of GDP (Gross Domestic Product) as the sole measure of a nation's success. Senator Robert F. Kennedy famously captured this sentiment, highlighting GDP's inability to measure "that which makes life worthwhile."⁣ ⁣ The World Happiness Report stands as a beacon in this search for a more comprehensive picture. It ranks countries based on self-reported life satisfaction, offering valuable insights beyond just economic output. Since its inception, the report has grown from a fresh idea to a powerful tool, influencing policymakers to consider well-being metrics when crafting national strategies.⁣ ⁣ 👉While the report acknowledges that GDP plays a role in happiness, it reveals a more nuanced reality. 𝗙𝗮𝗰𝘁𝗼𝗿𝘀 𝗹𝗶𝗸𝗲 𝘀𝗼𝗰𝗶𝗮𝗹 𝘀𝘂𝗽𝗽𝗼𝗿𝘁, 𝗵𝗲𝗮𝗹𝘁𝗵 𝗲𝘅𝗽𝗲𝗰𝘁𝗮𝗻𝗰𝘆, 𝗳𝗿𝗲𝗲𝗱𝗼𝗺, 𝗴𝗲𝗻𝗲𝗿𝗼𝘀𝗶𝘁𝘆, 𝗮𝗻𝗱 𝗹𝗼𝘄 𝗰𝗼𝗿𝗿𝘂𝗽𝘁𝗶𝗼𝗻 𝗮𝗹𝗹 𝗰𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗲 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁𝗹𝘆 𝘁𝗼 𝗮 𝗻𝗮𝘁𝗶𝗼𝗻'𝘀 𝗵𝗮𝗽𝗽𝗶𝗻𝗲𝘀𝘀.⁣ ⁣ 🙌𝗕𝗲𝘆𝗼𝗻𝗱 𝗠𝗼𝗻𝗲𝘆: 𝗥𝗲𝗱𝗲𝗳𝗶𝗻𝗶𝗻𝗴 𝗦𝘂𝗰𝗰𝗲𝘀𝘀⁣ ⁣ The World Happiness Report compels us to rethink what truly defines a successful nation. As economist Jeffrey Sachs reminds us, "𝗛𝗮𝗽𝗽𝗶𝗻𝗲𝘀𝘀 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 𝗺𝗲𝗮𝗻 𝗽𝗹𝗲𝗮𝘀𝘂𝗿𝗲, 𝗼𝗿 𝗲𝗺𝗼𝘁𝗶𝗼𝗻𝗮𝗹 𝗵𝗶𝗴𝗵𝘀, 𝗯𝘂𝘁 𝗿𝗮𝘁𝗵𝗲𝗿 𝗮 𝗹𝗶𝗳𝗲 𝘄𝗲𝗹𝗹 𝗹𝗶𝘃𝗲𝗱." It advocates for policies that not only drive economic growth but also enhance the quality of life for citizens. By integrating well-being as a core objective, governments can ensure progress is measured by the happiness and well-being of their people, not just material wealth.⁣ This is just the beginning. By moving beyond a narrow focus on GDP, we can create policies that foster not just economic prosperity, but also a world where people can truly thrive.⁣ https://lnkd.in/eewdENyi https://lnkd.in/enPfcqDW ⁣  #WorldHappinessReport #BeyondGDP #Wellbeing #NationalSuccess #Policymaking #QualityOfLife #SocialSupport #Health #Freedom #Generosity #Anticorruption #NZWellbeingBudget #ThrivingSocieties

Should we all be a little less worried about human capital and a little more concerned with knowledge capital? I read an article in the Wall Street Journal this morning that discussed the world’s diminishing population. It claimed the ‘world is alarmed’ by a baby bust and its terrifying implications on the global workforce. While failing economies and a lack of support for young families were cited as contributing factors, it reminded me of a phrase I heard some years ago: “It isn’t about human capital, it’s about knowledge capital.” I heard this during a speech given at a Family Office summit where a Principal offered his predictions for the year 2050. He often uses long-term forecasts like these to shape his investment decisions, working backwards to ensure his team invests in the areas today that will make profit and have purpose tomorrow. He painted a worrying picture for the year 2050 which, according to the Wall Street Journal, seems to have arrived early. An ageing population paired with the trend of not having children would result in an older generation of people unable to care for themselves and a declining younger population. This would lead to a talent drought with older populations having to forego retirement in order to up-skill and fill the gap. He explored population trends on a global scale and divided the world into advanced and advancing economies. The USA led the ‘advanced countries’ list while ‘advancing countries’ included economies such as India. The USA might have been considered the most advanced economy but it also has the fastest-declining population when it comes to under-25 year olds. India on the other hand is considered to be ‘advancing’ yet it is one of just nine countries to boast 50% of the world’s population growth. In simple terms, supply and demand exist on opposite sides of the world and we need to mobilise our workforce to bring them together. This can only be achieved through global mobility, something under increasing scrutiny and restriction. In his words, “we need to think less about human capital and concentrate on mobilising knowledge capital.” Should we all be a little less worried about human capital and a little more concerned with knowledge capital?